Technical Analysis / Page 573

Technical Analysis – EURJPY bulls become cautious as pair eyes 121.00 for more downside

Posted on December 20, 2019 at 8:49 am GMT

EURJPY managed to run above the 200-day simple moving average (SMA) for the first time in more than a year and formed another higher high at 122.63 last Friday. The market, however, soon reached overbought conditions as reflected by the RSI, which is moving towards its 50 neutral mark after hitting the 70 level. The price reversal near the upper Bollinger band and the doji created at the top of the uptrend add to the short-term discouraging signals. Still, traders will [..]

Technical Analysis – Copper futures reload for a push higher

Posted on December 19, 2019 at 4:19 pm GMT

Copper futures are attempting to restart the climb with the latest push off the 2.7957 level, which is the 61.8% Fibonacci retracement of the down leg from 2.9915 to 2.4785. While the Kijun-sen line displays a short period of consolidation, the Tenkan-sen line is reflecting a pick up in positive momentum, something also suggested in the technical indicators. The short-term oscillators, although having weakened, exhibit signs of an improving picture. Currently both in bullish territory, the RSI is rising from [..]

Technical Analysis – EU Stocks 50 Index hits 4½-year high but momentum is waning

Posted on December 19, 2019 at 3:38 pm GMT

EU Stocks 50 Cash Index (EU50) hit a fresh 4½-year high of 3777.61 earlier this week, extending the recovery from last December’s 2-year trough of 2907.25. However, the positive momentum has since started to ease and technical indicators support the retreat in price action. The stochastics have fallen off overbought levels and the RSI is also sloping downwards. However, both remain in bullish territory, so a resumption of the uptrend is likely as long as the downside correction is brief. [..]

Technical Analysis – Silver waits patiently for fuel in a still-negative picture

Posted on December 19, 2019 at 2:39 pm GMT

Silver is attempting to move below the 16.95 level, which is the 50.0% Fibonacci retracement of the up leg from 14.28 to 19.63 and where the 20-day simple moving average (SMA) presently lies. Even though negative momentum has weakened, the bearish demeanor of the commodity appears to be assisted by the bearish crossovers and the capping of the price by the downward sloping 50-day SMA and restrictive trendline drawn from the 35-month high of 19.63. The short-term oscillators reflect the [..]

Technical Analysis – EURNOK may have more weakness in store after 2 ½-month lows

Posted on December 19, 2019 at 2:15 pm GMT

EURNOK dived to a 2 ½-month low of 9.95 on Thursday and towards the 38.2% Fibonacci of the upleg from 9.41 to 10.31. More downside could prevail in the short-term as the RSI and the MACD continue to move south in the bearish area but the price needs to close decisively below the 38.2% Fibonacci of 9.96 to trigger a steeper sell-off, probably towards the 50% Fibonacci of 9.86 and the 200-day simple moving average (SMA). Retracing lower and beneath the previous low [..]

Technical Analysis – Palladium futures halt bullish run at fresh record high; resistance line in focus

Posted on December 19, 2019 at 11:29 am GMT

Palladium futures has been in the green every single day since mid-November, extending the row of record highs to 1,972 on Tuesday before retracing marginally lower. The short-term risk is tilted to the downside as the RSI has reached its previous peaks in the overbought area and is now following a downward direction, while the MACD has also found resistance in a familiar region and is easing momentum towards its red signal line. Trend signals, however, remain positive as the [..]

Technical Analysis – USDJPY range bound in a bigger bullish picture

Posted on December 19, 2019 at 9:52 am GMT

USDJPY seems to be bound between the 109.72 and 108.42 level, which happens to be the 50.0% Fibonacci retracement of the down leg from 112.39 to 104.45. The pair seems to have hit a wall at the 109.72 barrier, after the price pushed off the lower boundary of 108.42 and was further boosted by the upward sloping bullish crossovers of the 200-day simple moving average (SMA). The short-term oscillators suggest a stall in positive momentum but lean towards an improving [..]

Technical Analysis – GBPJPY selling pauses near descending trendline

Posted on December 19, 2019 at 8:42 am GMT

GBPJPY breached the tentative long-term descending trendline drawn from the 2018 peak of 156.59 and geared up to a nine-month high of 147.94 on Friday before pulling back to the 143.00 region. The trendline is currently acting as support as the price is pushing efforts to rebound and the RSI and the MACD are flagging a positive-to-neutral short-term bias, with the former fluctuating not far above its 50 neutral mark and the latter easing towards its red signal line. A [..]

Technical Analysis – Google stock marginally fades from the all-time-high

Posted on December 18, 2019 at 3:29 pm GMT

Google stock has eased slightly off the fresh all-time-high of 1,363.80 as positive momentum stalled, something also reflected in the short-term oscillators, with the RSI deflecting off the 70 level and the MACD flattening out. However, positive signals remain intact, with the MACD still above its red trigger line, deep in the positive region and the RSI below the 70 level. Further boosting a positive picture, are the upward sloping simple moving averages (SMAs) and the uptrend line drawn from [..]

Technical Analysis – Gold remains capped below downtrend line

Posted on December 18, 2019 at 3:21 pm GMT

Gold prices have been trending lower in recent months, posting lower highs and lower lows below a downtrend line drawn from the highs of September. The outlook therefore looks cautiously negative, with a clear break below the 1445 zone needed to refuel the bears. Short-term oscillators paint a flat picture, suggesting that the latest consolidation phase between 1490 and 1445 could continue for now. The RSI has flattened near its neutral line, while the MACD is at zero. If the [..]

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